Contents of the Financial Statements

for the Period Ended 31 December 2019

Balance sheet

As at 31 December 2019

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2019

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenues from contracts to provide services are recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:the amount of revenue can be measured reliably;it is probable that the Company will receive the consideration due under the contractthe stage of completion of the contract at the end of the reporting period can be measured reliably; andthe costs incurred and the costs to complete the contract can be measured reliably

  Tangible fixed assets depreciation policy

  Tangible fixed assetsTangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:Computer equipment – 33.33% per annum, on a diminishing balance basis

  Intangible fixed assets amortisation policy

  Intangible assets other than goodwill Separately acquired intangible assets other than goodwill are recognised where appropriate in accordance with Financial Reporting Standard 102 Section 18 “Intangible Assets other than Goodwill”, and are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is provided on all recognised intangible assets other than goodwill, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:Intellectual property – 20% per annum, on a straight line basis

  Other accounting policies

  Basis of preparing the financial statementsThe financial statements have been prepared under the historical cost conventionRelated party exemptionThe company has taken advantage of an exemption, under the terms of Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, not to disclose related party transactions between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.Significant judgements and estimatesThere are no significant judgements or estimates applied to the numbers contained within these financial statements.Financial instrumentsThe company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary sharesTaxationTaxation for the period comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised directly in equity.Current taxation assets and liabilities are not discounted.Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.DebtorsShort term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.CashCash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.CreditorsShort term creditors are measure at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.Interest incomeInterest income is recognised in the Income Statement using the effective interest method.Going ConcernThe financial statements have been prepared on a going concern basis. The company has sufficient funds to meet its day to day requirements. The directors are therefore of the opinion that they should continue to adopt the going concern basis of accounting in preparing the financial statements.

Notes to the Financial Statements

for the Period Ended 31 December 2019

• 2. Employees

  	2019	2018
  Average number of employees during the period	3	3